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☆ Dubai's Majid Al Futtaim cuts 105 jobs as new CEO makes mark
▼ + stars: | 2023-03-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 16 (Reuters) - Dubai's Majid Al Futtaim (MAF) has cut 105 jobs out of its total staff of 46,000, the Middle Eastern shopping mall developer and operator told Reuters, as its new CEO seeks to boost returns. Three sources familiar with the move said it was part of a restructuring following the abrupt removal of former chief executive Alain Bejjani in January. "These measured actions and continuous business-as-usual reviews enable Majid Al Futtaim to deliver competitive returns to our shareholders while maximising opportunities for value accretive, profitable and sustainable growth," it added. MAF was founded by Emirati businessman Majid Al Futtaim, whose death at the end of 2021 was announced by Dubai's ruler Sheikh Mohammed bin Rashid al-Maktoum, who paid tribute to him as one of the emirate's pioneers. Reporting by Hadeel Al Sayegh; Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse's Saudi backer happy with transformation plan, doesn't think extra money needed
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

RIYADH, March 15 (Reuters) - Credit Suisse Group's Saudi backer is happy with the transformation plan and doesn't think the Swiss lender will need extra money. "We are happy with the plan, the transformation plan that they have put forward. It is a very strong bank," Al Khudairy said on in an interview with Reuters. And they operate under a strong regulatory regime in Switzerland and in other countries," Al Khudairy said on the sidelines of a conference in Riyadh. SNB's investment objective is not dependent on time, and the Saudi bank will exit when proper value to the shares is acquired, he added.

☆ Credit Suisse's biggest backer says can't put up more cash; share down by a fifth
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

RIYADH, March 15 (Reuters) - The head of Credit Suisse Group's largest shareholder, Saudi National Bank (SNB) (1180.SE), said on Wednesday it would not buy more shares in the Swiss bank on regulatory grounds. The Saudi bank holds a 9.88% stake in Credit Suisse, according to Refinitiv data. The Saudi bank would exit when proper value to the shares had been acquired, he added. At 1046 GMT, Credit Suisse shares were trading down 20% at 1.7840 Swiss francs"We are happy with the plan, the transformation plan that they have put forward. Credit Suisse on Tuesday published its annual report for 2022 saying the bank had identified "material weaknesses" in controls over financial reporting and not yet stemmed customer outflows.

☆ Saudi investment in Iran could happen 'very quickly' after agreement - minister
▼ + stars: | 2023-03-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

RIYADH, March 15 (Reuters) - Saudi Arabia's finance minister, Mohammed al-Jadaan, said on Wednesday that Saudi investments into Iran could happen "very quickly" following an agreement. "There are a lot of opportunities for Saudi investments in Iran. Tehran and Riyadh agreed to resume diplomatic relations and re-open embassies within two months, according to a statement issued by Iran, Saudi Arabia and China, which brokered the deal. "To focus on your economic development and focus on providing for the people in your country, you need stability, and they (Iran) need both," al-Jadaan said in Riyadh. He said there are a lot of opportunities in Iran and that Saudi Arabia also provides a lot of opportunities for them.

The profits follow similar reports in February from international peers BP, Shell, Exxon Mobil and Chevron which have mostly posted record profits for last year. Aramco's capital expenditure rose 18% to $37.6 billion in 2022 and the company said it expects this year's spending to be around $45.0 billion to $55.0 billion including external investments. Aramco declared a dividend of $19.5 billion for the fourth quarter, an increase of 4% from the previous quarter. Free cash flow reached a record of $148.5 billion in 2022, compared to $107.5 billion in 2021. Prices cooled rapidly in the second half of 2022 as central banks hiked interest rates and fanned worries of recession.

Companies Saudi Arabian Oil Co FollowDUBAI, March 12 (Reuters) - Aramco's chief executive Amin Nasser said on Sunday the market would remain tightly balanced in the short to medium term, adding that he was cautiously optimistic. Nasser was speaking to the press after the Saudi Arabian oil giant reported its highest ever annual profit since the company was listed. On recent imports of Russian diesel into Saudi Arabia, Nasser said the kingdom had always been importing products for its domestic market since before the Russian invasion of Ukraine. Nasser said Aramco was looking globally at liquefied natural gas (LNG) market opportunities, when asked about potential acquisitions in the year ahead. "We need to make sure that there is additional supply in the market otherwise this tightness of supply in the mid- to long term will have an impact."

☆ Egypt central bank seeks advisor for United Bank sale -sources
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

CAIRO, March 9 (Reuters) - Egypt's central bank has sent investment banks a request for proposals to pitch for an advisory role in the sale of United Bank of Egypt, which the central bank owns, two sources with knowledge of the matter said. The search for advisors comes after talks with Saudi Arabia's sovereign wealth fund to acquire United Bank failed after disagreement over its valuation. The government said it planned to sell stakes in 32 companies, but since then has placed stakes in other companies up for sale as well. The finance ministry said last month it was seeking to sell the 20% stake in AlexBank that it still owns. Analysts say a stake in the state-controlled House and Development Bank may also be up for sale.

☆ Emirates Global Aluminium's 2022 profit surges to a record $2 bln
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 7 (Reuters) - Emirates Global Aluminium (EGA), one of the world's largest aluminium producers, said on Tuesday its annual net profit for 2022 surged 34% to a record of 7.4 billion dirhams ($2.01 billion) on higher prices. The United Arab Emirates firm said average realised London Metal Exchange price for its metal was $2,715 per tonne. Benchmark aluminium on the London Metal Exchange (LME) reached a decade-high in March last year to $3,985 per tonne, before retreating to a low of $2,080 in September. "The immediate outlook for aluminium remains under some pressure due to its close correlation to the health of the global economy," Abdulnasser Bin Kalban, EGA's chief executive, was quoted as saying in a statement. ($1 = 3.6727 UAE dirham)Reporting by Hadeel Al Sayegh; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Aster DM Healthcare shortlists two bidders for stake in Gulf business -sources
▼ + stars: | 2023-03-03 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, March 3 (Reuters) - Dubai-based Aster DM Healthcare (ATRD.NS) is looking to sell a majority stake in its Gulf-based business and has short-listed buyers for the sale, two sources with direct knowledge of the matter told Reuters. Aster, which operates hospitals, clinics and pharmacies in the Gulf and India, is looking to sell a stake of more than 50% in its business in the region, said the sources, declining to be named as the matter is not public. Private equity firm Fajr Capital and Dubai financial services firm Gulf Islamic Investments have been shortlisted in the process, the sources said. Fajr declined to comment, while Gulf Islamic Investments did not immediately respond to a request for comment when contacted by Reuters on Friday. Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business to help investors and analysts better understand the company, one of the sources said.

☆ Edmond de Rothschild to open advisory office in Dubai
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 28 (Reuters) - Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients. It previously had a representative office in Dubai, but said the new office will "enhance" its ability to serve clients in the region. Edmond de Rothschild plans to hire about five people in Dubai next year, a spokesperson said. A growing number of hedge funds have set up shop in Dubai, attracted by lower licensing fees and capital requirements for the industry, including Millennium Management, ExodusPoint Capital Management and BlueCrest. French private equity firm Ardian said last month it was opening an office in neighbouring Abu Dhabi, capital of the United Arab Emirates, while CVC opened an office in Dubai last year.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

☆ SABIC's quarterly net profit slumps 94% on lower sales prices
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 28 (Reuters) - Petrochemicals firm Saudi Basic Industries Corp (SABIC) (2010.SE) said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion riyals in the year-ago period. Prices across the main petrochemicals segments, chemicals, polyethylene and performance polymers came in lower in the fourth quarter, SABIC said, adding that margins are expected to continue being under pressure in the first half of 2023, partly due to slow demand. Net income attributable to shareholders for the year 2022 came in at 16.53 billion riyals, down 28% from the previous year. ($1 = 3.7527 riyals)Reporting by Hadeel Al Sayegh; Editing by Nivedita Bhattacharjee and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ ADNOC gas business stake sale raised to 5%
▼ + stars: | 2023-02-27 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

Companies Abu Dhabi National Oil Co FollowDUBAI, Feb 27 (Reuters) - Abu Dhabi National Oil Co (ADNOC) will increase the stake in its gas business being offered in an initial public offering to 5% from 4%, the state oil giant said on Monday. ADNOC made the decision to increase the stake in the ADNOC Gas offering "based on significant investor demand across all tranches," it said in a statement. ADNOC also raised the tranche reserved for employees and United Arab Emirates national retirees of ADNOC Group companies residing in the country to 4% from 2%. ADNOC is selling roughly 3.84 billion shares in its gas business, equivalent to about 5% of its issued share capital. At the top of the range, ADNOC would raise roughly $2.54 billion from the sale, according to Reuters calculations.

☆ Abu Dhabi's IPIC and Aabar to pay Malaysia $1.8 bln to settle 1MDB dispute
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

KUALA LUMPUR, Feb 27 (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) and its unit Aabar Investments PJS have agreed to pay $1.8 billion to settle a legal dispute over the scandal at Malaysian state fund 1MDB, Malaysia's finance ministry said on Monday. Malaysia in 2018 had filed a challenge in a London court against a settlement agreement between 1MDB and IPIC that had been negotiated a year earlier during the premiership of former leader Najib Razak. Najib was sentenced to 12 years in jail last year after being found guilty in a 1MDB-related corruption case. In its challenge, Malaysia had argued that the 2017 settlement was procured by fraud. Malaysia's 1MDB is the subject of corruption and money-laundering investigations in at least six countries.

☆ Abu Dhabi's ADNOC looks to raise up to $2 bln from IPO of gas unit
▼ + stars: | 2023-02-23 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

[1/3] An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. REUTERS/Christopher PikeDUBAI, Feb 23 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion. ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4% of its issued share capital. At the top of the range, ADNOC would raise roughly $2 billion from the sale, according to Reuters calculations. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ ADNOC to float 4% of its gas business in IPO - statement
▼ + stars: | 2023-02-17 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 17 (Reuters) - ADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday. ADNOC holds a 95% stake in ADNOC Gas, and prior to the offering, it transferred 5% of the share capital of ADNOC GAS to Abu Dhabi National Energy Company. (TAQA.AD)Following the IPO, ADNOC is expected to own roughly 91% of ADNOC Gas. Should the deal go through, ADNOC Gas expects to target payments of dividends of $1.625 billion in the fourth quarter of this year for the first half of 2023, according to a ADNOC Gas intention to float document emailed on Friday. ADNOC Gas plans to offer a further $1.625 billion in the second quarter of 2024 for the second half of 2023.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ Palestinian teenager dreamt of being a chef before attack, teachers say
▼ + stars: | 2023-02-03 | by ( Henriette Chacar | ) www.reuters.com time to read: +8 min

Although he grew up in Silwan, a cauldron of Palestinian-Israeli tensions near Jerusalem's Old City, Aleiwat had not shown an interest in politics, teachers, relatives, and children from his area told Reuters. They described a popular teenager with a strong personality, a passion for football and an ambition to be a chef. The Jan. 28 attack in Silwan is part of a recent surge of violence in Jerusalem and the Israeli-occupied West Bank. After the Jan. 28 attack, Israeli forces took control of Aleiwat's family home and the government ordered it sealed. Abbasi and other relatives said Aleiwat's family had for years feared their home would be demolished because it was built without the required Israeli permissions.

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

DUBAI/LONDON, Jan 25 (Reuters) - Qatar is in talks to acquire a stake from French company TotalEnergies' (TTEF.PA) $27 billion cluster of energy projects in Iraq, three sources told Reuters, as Baghdad hopes to stem efforts by Western energy companies to exit the country. The TotalEnergies deal with Iraq, which will require an initial investment of $10 billion, followed a visit from French President Emmanuel Macron in September 2021. Sources told Reuters last year that disputes over terms had risked scrapping the project. A senior Iraqi oil ministry official said he was not aware of QatarEnergy plans to acquire a stake in the TotalEnergies' project. One of the sources told Reuters Sudani would also meet TotalEnergies Chief Executive Officer Patrick Pouyanne in a bid to end the deadlock.

The new shares bring the QIA's ownership in Credit Suisse to 6.87%, amounting to 272.25 million shares, from 5.57% as reported in its last SEC filing in November. Credit Suisse declined to comment when contacted by Reuters on Monday and the QIA did not immediately respond to a request for comment. Credit Suisse's shares rose 2.2% on Monday to close at 3.15 Swiss francs. SNB, along with the QIA and Olayan Group, account for about 20% of Credit Suisse shares. Credit Suisse outlined plans in October to raise 4 billion Swiss francs from investors, cut thousands of jobs and shift its focus from investment banking towards its rich clients.

☆ After World Cup, Qatar sets sight on reviving its stock market
▼ + stars: | 2023-01-10 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

Qatar, the world's top LNG exporter and recent host of the FIFA World Cup 2022, is turning its attention to diversifying its economy away from gas. That strategy includes building its equities market by opening it up to a wider investor base and introducing more listings. "Now that the World Cup has been successfully hosted, we can see the focus is shifting to other diversification areas," said Osama Ali, HSBC's head of global banking in Qatar. With a market capitalisation of about $158.2 billion, Doha's exchange is dwarfed in size by Abu Dhabi's $718.8 billion and Riyadh's $2.72 trillion. ($1 = 3.6580 Qatar riyals)Reporting by Hadeel Al Sayegh; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ IT services firm to be Qatar's first to use book building for IPO
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 8 (Reuters) - Qatari IT services firm MEEZA will be the first company in the country to use book building to carry out an initial public offering, it said in a statement on Sunday, as Qatar aligns itself with international practices. The IPO process, which begins this month, will allow the company to offer a price range to test investors’ appetite and determine the IPO price. The offering's price range is between 2.61 riyals ($0.7135) to 2.81 riyals per share, which could raise between 846 million and 911 million riyals. Qatar introduced the regulations for book building in February 2021 to help entice foreign investors and elevate its status towards a developed market. Until now, the standard practice in Qatar has been for a company to set a price based on feedback from two independent valuation reports.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving StanChart shares up as much as 20%. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank. Furthermore, the mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender, a banking source said. FAB was created via a merger between National Bank of Abu Dhabi and First Gulf Bank in 2016. The lender sources around half its deposits from the Abu Dhabi government and reported total assets of 1.15 trillion AED ($313.1 billion) as of end-September 2022.

☆ Abu Dhabi's ADNOC to acquire 24.9% stake in Austria's OMV from Mubadala - sources
▼ + stars: | 2022-12-21 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Dec 21 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% shareholding in Austrian oil and gas group OMV from Abu Dhabi state fund Mubadala Investment Company, two sources familiar with the matter told Reuters. The transaction is subject to regulatory approvals, said the sources, declining to be named as the matter is not public. ADNOC and Mubadala did not immediately respond to a request for comment when contacted by Reuters on Wednesday. The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors including blue hydrogen and carbon capture, and as Abu Dhabi's ADNOC looks to increase its presence internationally through mergers and acquisitions. ADNOC in April this year agreed to acquire a 25% stake from Mubadala in European petrochemical maker Borealis, which is 75% owned by OMV.

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